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HOW THIS IS MONEY CAN HELP

HOW TO GET SAVING FOR A RICHER RETIREMENT

There is no right or wrong when you approach saving for the future. But there are a few simple steps it can be helpful to think about.

1. Talk to your employer to find out what benefits you get as part of your package - some will offer life assurance for example. All must top up your contributions under the Government's auto-enrolment initiative but some are more generous than others. Some offer much better 'matched' contributions if you put more into your pension than the minimum.

2. If you're self-employed or have taken a career break make sure you understand fully what impact your national insurance contributions will have on the future value of your state pension.

3. Whatever your long-term savings strategy, it's a good idea to try to have at least three months' salary saved up and in an easily accessible account in case you need to access it in an emergency.

4. Work out what sort of lifestyle you want to have when you retire and work back from there when working out how much you should save into your pension each month. Use our pension calculator to check you are saving enough.

5. Make sure you're comfortable with where your money is invested - pension schemes will usually let you choose from a range of funds, some of which offer better returns but are higher risk. Check our guide to whether your pension investments are up to scratch.

6. Don't assume that your home will be your pension. Recent research by the Office for National Statistics found that nearly half of Britons believe property is the most lucrative way of investing for retirement. But don't forget you can access a pension aged 55 - you have to sell your house or take a loan to release the cash tied up in your home.